News Corp. CEO Robert Thomson discusses the challenging landscape for old media brands in the digital age with Peter Robinson. "Uncommon Knowledge" is produced by the Hoover Institution.

This transcript has been automatically generated and may not be 100% accurate.

... the Washington post was recently sold to internet billionaire just be zealous ... and the New York Times is now substantially owned by the richest man in Mexico Carlos Slim ... our news organizations all to become ornaments of the rich ... or candy instead remain profitable and Tuesdays ... today one journalist who's betting his Korea are on the ladder ... the chief executive officer of News Corps ... Robert ups ... from the offices of the Wall Street Journal and Washington DC uncommon Knowledge ... now ... the the the the ... I ... welcome to uncommon knowledge on Peter Robinson ... with this today Robert Thompson chief executive officer of news or ... news court properties include well over one hundred newspapers including the Wall Street Journal ... The Australian and the Times of London ... and one of the half dozen biggest book publishers in the United States Harper Collins ... and the biggest real estate listing agency in Australia are EA ... born and raised in Australia Robert Thompson has been in the news business ... since joining the Mel Bourne heralded as a copy boy ... at the age of eighteen ... Robert Thompson ... welcome ... thank you Peter ... the new News ... beginning with a part ownership of a newspaper in Adelaide ... some six ... decades ago your fellow Australian ... Rupert Murdoch began building what became known as the News Corporation ... an enterprise that at its height ... represented one of the biggest media companies ... in the world ... then Rupert Murdoch decided to split the company ... into ... how come ... so long ... the Solomon ... Islands King Solomon actually it isn't yet clear that the other you'll christening ornamental fundamental ... amid all the silly on a good book enough to be ornamental sudden ahead it's up up up fun with it ... but did the issue of the state of was of itself on them because we ... needed to fight this long ... the elements of the county to be become the new news because with that fight this comes in it's a terrible word to use that ... people know what I'm talking about ... synergy ... that comes out of five ks and I was sitting in on Kong but if the if ... the folks aren't on the fifth century Fox and the continued use in a time ... clearly the bill would transition doesn't cut to the degree of the people that the time ... of ... the no list transition in media that what we ... are constantly referred to is the transition from the good and that the Zuckerberg ... you do need products because ... we feed on and you get distracted and as we've seen with ... media companies are being distracted distraction concedes that ... all right ... as I read the situation and read what other people say about the situations possible to put it even more dramatically ... it will as equipping its head ... as well as ... the outlook in the eye ... in the new twenty for Sentry Fox went ... the broadcasting electronic properties the Fox Studios ... and Fox News and so forth ... often that direction ... and in the company of which you were CEO ... newspapers ... book publishing ... and ... and to posts which are in these ... two funds which are in newspapers ... but fundamentally ... what analysts certainly in my world on a Northern California with you is old fashioned does this is ... the business model for which ... classified adds a certain kind of advertising a certain kind of subscription ... newspapers use to be monopoly properties ... in this country at least these to be ... monopoly or semi monopoly properties in their communities ... now the competing with everything online ... and so ... this is this was the division between companies that have a ... near profitability and future ... and companies over which has an enormous question more ... and you ... are tasked ... with reinventing the business model ... for journalists ... for the next life ... the upright or some other digital argue the deck until unemployment is that it's a very fit Quentin and ... to see the demise of bright papers to know that that even if the paper magazine from Boston to Eli's us agree on the market ... tells you ... how dramatic situation which utilities and ... knitted truly existential mum and ... I think you ride ... being in a good compared to its ... because potty if the Fed ten or fifteen years is an editor ... you get the question we show competitive and ... it's an aggregate of guidance ... it is ... really what competitors said it ... because that additional ... is in the Wall Street Journal this is the new funds doesn't firm for a moment capture the complexity of the coffin competition in the can from Korea ... and that's what's my the response so difficult focus on the new titans tongue and ... response will differ ... according to ... where the paper finds itself on the onthe spectrum ... set the specials papers in total a little easier when it's ... of Wall Street Journal poll ... said the Times of London will all be struck in ... what would you say the Times of London is a specialist because that is a list of virtues physical ... Ms said ... it's a question mark all of our hierarchical segment ... which is somewhat specialist in its orientation disability CFO ... for the current of paper to take the AG community ... and community affinity affinity Buys readership and advertising ... it's a little more difficult ... from the market like this where ... the aggregation aggregate is in that in the competition generated by the the guys does have a more intense so ... of when I actually did to this the of the morning when I wanna pick up the newspapers and looked around to see what my neighbors and that this is hell open California ... the newspapers I have delivered slapped onto my driveway each morning are the Wall Street Journal New York Times and looked around ... and that was pretty much what others were getting as well ... the point being no longer the San Jose Mercury News ... no longer the San Francisco Chronicle ... and you are not surprised by that the mid market paper ... like the center's a Mercury News which for a time the stock was taking off in the early nineties was a ... big time newspaper ... is now ... a small newspaper ... and Wall Street Journal suppose this is something ... news cortisone the Journal for five years now ... seven years ... you've made it a national ... that's a huge success stories that right ... well it isn't a great many people continue to confront the end of the recruits of ... leadership ... it has been a success would ... manage to broaden the paper without diminishing its influence in fact expanding its themes ... the pot of that ... we think about what is the functional relationship you have with the ... specialist recollect the will Street room for for that very high-end Financial Rita what is that this wet getting financial news ... sometimes practiced by Manuel dropping buyer lives on all all all by print say you wanna have a combination ... of both the functional in the month ... and that ... building out the character of digital assistant in the emotional hibiscus ... cool reviews and families and said that the correction of the content free weekend edition ... of the Friday given the dimensions exodus ... of them in your writing you all the Pursell Journal unknown ... or in Eisele snare under ... in a very clever team of editors and reporters ... that is old adage that the emotional component ... of which gives the stickiness to the matter to be very technical matter to the pocket than had been in the Poste ... Idol served on the way above its league is too ... long ... on the free side of the of the pie that a good too ... much credit wooden structure ... so it's been used ... when we started re cost of June ... of course making the functional side of the veterans said in a very discerning audience to ... view does what they ... need to re open for the economy tonight I sees ... you can never fool especially financially ... the ascending node organs that this morning out in a while ... it didn't seem that the trial of a true digital future ... Robert Thompson is from an interview to defuse the readers are digitally non denominational ... and they have never had more choice than they have now with the readers will will pay for digital content ... is now the question ... is the ... isthe is an answer to that question in ... it is that still an open mean in some way you're sticking your ... will your estate near the rear of the answer that run along the answer is yes and and that it's the isthe ... is different for different media properties and ... that at the heart of a lot of that is what to Michael winnowing and window ... in the sense that you have to customize Kong and the way ... that makes sense to Prime subscriber ... I think more in terms of ... membership ... than subscription ... and the singer in particular that the Times of London know ... where you have ... year-on-year good styles figures ... are you have ... a very where ... people attended a function this ... this has to buy the tongs ... of the review right ... it is extraordinarily high ... up because they feel an affinity ... and ... understanding ... the value the imperative reasons ... of affinity is something that he's had this been very very slack about because when you think of ... it in in I age of constant interaction ... and the ... human and not confined to his own but instead to is ... with with people ... expect up on the gratification ... Alicia lb Fuel very cautious of the texture of the relationship ... and in the amount of interaction you have the creators ... of the new you lose them and and Sekar guiding ... these affinity sets ... has been ... at the heart of the tongue success and is a mortal director cutting elsewhere in the company ... so you are ... no longer ... publishing newspapers ... you're creating communities ... is that a fair way of putting ... the lovely feathers avoid panic and it is that when you think ... was that much interaction really between and is part of the community and ... not as much as the news at the school and Pado Blues ... bar ... but what was your daughter will show called the session with the committee welcomes a letter to the unit to was a complaint about I cannot think of it that ... that what that what we've discovered is that it was an ... Aztecs to the relationship ... as of today ... and in pot ... that's the ... fall of the journalistic priesthood ... where they were separate from the the re knees of regions ... where the chosen is meant to be ... providing an hour says about the evolution of society partly with the objective of being objective ... bought ... the the instead I think is being a self indulgent institutional not to wear ... the that ... Khartoum was a probe into ... foreign car for some shows is being the prawns ... and by ... the Pulitzer Prize Barra or if you are going to continue their phone Journal ... often and son ... the ... of what essentially is an annuity ... it's fun is totally ... has lost you ... once again on the coach or young person today has been socialized efficiently ... in a totally different manner to the way we've been Social ... explain ... what we knew to using ... an old paper to hold and to think ... we view these issues are much too are some of them I do that they have ... when you look at ... what we watched know what will what we in bond issue ... as kids can ensuring that ... the ... deal theory could study how it went into the previously withdrawn from the ... U ... S stocks ... um ... I'd you compare that to to the writings of the image or in some of its disturbing than that of a lot of that tree I did ... that ... anyone between the eyes of twelve or nineteen ... is now consuming and that must ... rise the level of these alacrity ... to a point where ... if you have a conventional traditional newspaper approach to visual cues loss level ... well you don't all the organs in the ... official language the longest and then ... a Nest roof for everything from ... of human to calling ... out to the rise of the ... music of video now and the device where having about ... the role of a new ... to get them I'm in ... it or ... not four five six years ago I read ... blogs about five hours of BTI was up he noted that the minute ... the snow hundred as the use of money if you want to do is we address this generational question ... two models can you tell me where newspapers fall ... model number one with the cosmetics companies ... I probably should mentioning about a stock with an executive a nice and windy Jim pronounces the name of the company's such and such ... but they also have this line and that line ... you can find the same products in each line is the face cleanser ... cream and this and that ... any answer was ... nobody wants to use her mother's cosmetics ... you wanna be different from your parents ... take the other extreme which is political indemnification every political scientist tells us ... that the overwhelmingly strongest predictor of what is this child will become a Republican or Democrat ... is whether he or she was raised in the Democratic or Republican family ... it's just ... automatic in a very large number of cases ... where the newspaper's fall ... if the soulful confessional question of cosmetics but that are not aware ... of up to the premises ... full Disclosure ... I can on this or ... that sort of the ten biggest ... its ... Poly reaction rejection ... but that is but it's also evolution of times ... among young people ... and the Twitter's political ties to local media Tyson and goes to one of these either doesn't quite capture the Senate using hybrid of the pot for ... the REIT's was on ... an iPod phone permutations of media now again it's not something ... the traditional newspapers and other companies ... truly understood the power of those awful pretty tired ... than ... I can touch people of different ages and why is that you're able to ... Signet Conte ... could I ... that was the vehicle ... that are valuable to different different Morgans is that different with different studies that ... buys in ... the White Eagle of the content in the coffin ... and ... and the presentation of the court by the Beatles around that the week ... ended ... the ... tonight show the scripting ... it has to be relevant because if if your not having a conversation it's a so ... but she can go through a few things you've done the CEO or just before the ... company began ... thinking that some of ... its independent existence ... and of let's go through a couple specifics tells what you're thinking what they've accomplished the company ... the purchase of Storyful which is a Dublin ... based on a diocese is a tool room are in a very increasingly trendy area of Dublin ... and it's a wonderful Kong follows a technologist and careless and easing ... additional with ... journalistic skills ... cool to verify an authentic I'd be good because a lot of the are out there ... of Judas profits and it's it's of dubious provenance it's of dubious value ... and so the team that ... on the model the next ... journalist himself ... still isn't ... really nice respects ... he's using this sort of skill is ... on that or any dose would use to ... check on the school was seeing ... a check on the timing ... and doing everything the bank and ... to ... then Cree I can strain of the verifiable the this of of value to ... other worlds leading news organization on the summer in the world ... they won't people will be uploading their their I phone videos of this and Storyful ... will be able to verify that a certain video is genuinely the tsunami ... and that sort of certified and be able to ... make available to news organizations all of this happens ... exact it's a combination of ... of ... very bric a broker in the US ... and in human judgment ... about ... that is ... where was this awful it was that in the ... region the tragedy of oh ... what fun was about to ... get them uploaded to an NBL to match that person ... up against a ... spectrum of of individuals to have the ... technical been ... looking for giving on Ripoll ... aam and ... then reaching out to the Pacific and if it's a it's a very troubled regional this and that that's difficult but that ... that was the skill set by having the software the credit of a quantity bacon which is why most major news organizations ... an RUC ... and by the way we speak a couple of days ... after Facebook paid nineteen billion dollars from what's out ... a new pickup Storyful for twenty five million of her own yellow ... it's different but the doughnut in the ... because the owners may ask for a ... Christmas bonus from you ... I'm WS J Dodd D yet another innovations became this one active as I recall what life on January first or what isn't and what does ... all for it ... the we had the ... tropical Copel things to do which show ... a Loblaw Spurgeon and Qantas which are ... accredited to do frankly what a wonderful job and in ... building out ... the puzzle ... we wanted really to bring it ... back more to the Wall Street Journal ... and ... that could put pressure on the Journal journalist to write more stories to scoop and Geraldine should have the best contact each other the stories ... but ... let's ... do it in no way it's that one can simply been too ... Cree I even in the run since the word in that that ... they are looking for new ways of reporting stories ... on that mean more global ... in the way says digital ... is not ... how simple was openly is in the world ... was going to have a graph upon the keys in ... the Yukon really understand usual issue understand why ... LG and Samsung ... and ... an SEO me in. honor and ... Lonard Island and that was the thousands of Chinese ... OS software companies that ... have aspirations ... Fabio the bounds of aging and continuous and that's what the ... joke and in a way that ... the really no one else can and so we wandered ... China led by ex editorial expertise in it and they ... are ... TJX ... this is an effort ... is an effort to combine the number of Dow Jones products ... Dow Jones is the owner of The Wall Street Journal but also has a number of other properties ... and as best I can tell ... on the set me you've you've been put in the press is saying it didn't quite work or hasn't quite work so for certain it may be making some changes to see what was that we intend to do with both the Dow Jones has Greg properties in the idea behind the jet in a couple ... Barron's Factiva that Jones Newswires can compliance ... to ... cut capital markets generally various parks and about ... in a row ... and ... you knew was incoherence that clung to him ... that these ... these parts when talking to each of the sudden ... the ... the core idea is to ... bring together the content so that if you're a Factiva ... costume ... you also have access to a two in the hot lights from from the news was in if your news was costly ... you have ... access to the two wonderful try Rubicon ten companies Factiva ... to be very honest ... we we have to ... refund the product of the kitchen that costs too little to the region ... ahh and leave this into the costumes and we are to be more flexible are out there ... here as we speak ... it will continue to our clients and ... helping ... us sells understand what ... what some information buying a fifth of the business is in ... good businesses not what's of value to them and and on a ten foot approximately don't care for prosecution is your Salesforce for executive somebody in your prop up organization ... is actually making phone calls and getting in some ways to go downtown and taught you actually ... talking one by one by one ... to customers ... and so we got feedback and then goes responding to feedback and ... you'll see at the ... coming months ... and ... how we can ... make it even more compelling than its traditional it because of ... the fact the reason is a robot Goebel Wiesel ... but it's only as useful as the infamous that we can sit this one insider ... refining search for ... it to me and my kids and much more professional conference and ... incentive to see ... where you will so says things it's trying them that my mind ... the way Robert you also is one of the famous Robert Thompson quotations ... called ... Gugle devalues everything it touches ... it's been five years ago you would you like to recant ... or were we ... I ... while the piano while I think it's true could it be in the values close and maybe it is an increase is not ... a increases the need to do so you insist on a cruise this study from Gruebel perspective that it isn't ... as it does ... from the perspective of what has been agreed that if it sounds painful but the stupid ... the aggravation degradation ... and the the the the ... the truth is that ... people use ... the flight from package ... the giggling of the covenant ... the pain goes the journals of his ... refinancing and the ... Minimum Mall fundamental wired looking at ... is that ... there's been a shift in value ... across the coffins ... to the decree I use the content of lost value and distributors called in ... kind ... when he think of gotten ... too stressful you strip in which is due ... to the turnaround caught up the price book on my book ... I spoke to ... journalists but has new this ... summer to just distributors and doing very very well and the credit is doing less well so that when the question for creditors ... how do you find ... other distribution couple things that are much more in line with an interest in an all ... inimical ... institution that were just announced one of these without a severely Konrad become project explained that ... well we'll Rubicon is is a country that we have a striking how can that happen helps us ... history I did ... I ... in an internal advertising network is among the synergies use that that that word early on ... you own so many properties units will be growing sales way to go ... out of this going to be addressed as of Tuesday swung on their investments ... into ... their souls and tighter about these ... these are the new ... website incremental clicking on the US ... and ... I think we've price them ... as ads without understanding the value of that that died eclipse ... and part of that what we're doing ... with the ... advertising work use ... ensuring that we we keep the diet ... ah but also are ... stopping that the ... that what seems to be ... inevitable trend downwards in NCP and the proxy you can shop for forgiveness when the fuel allow third parties to sell ... else knows stock among some today ... which is not what you want for the world's most prestigious and where some of these properties ... we have a week and I also ask ... broadly speaking is it working ... the Times of London ... in charging online for the Times of London ... what is the word to refer to it so early in the study Times of London is doing a very good job the song here where ... we don't have the heart ... to several hundred thousand paying subscribers ... I was online also on the side has into three million on ... the newsstands and none ... of whom will want to be too hard ... trends ... are weaker and that is the ... it's so early in the stock will for the song that I can tell you know that you will in our country that for our country will return to work with Icahn tell you what the ... US to cities in in in the Nordics ... what you can say is that the idea of an affinity is ... working ... that through so it's not just clung to its ... special office of the song Give regions ... it's the in in ... Britain ... of Opel which is really important so exclusive access to to the pilots who oversaw the man ... United mini hearts the school many goals and talk about ... that ... but the only place you can see that all this is the sum of was the sun will the top ... of the Northern and I see the book and for them to the parent and a citizen of value to that people can see the value of connected ... an idea such that the value of the sun and star of the loan which are ... being recalled from and that's that's the right strategy and ... in the short term the returns of vehicles ... one more ... step the due to it ... this is actually before he became CEO because before the company began trading ... as the company is alright but early last year ... you close the deal ... which was a publication that the old News Corporation has launched to be native to mobile devices ... the daily according to what I was able to find using the TransDigm Group who was losing about ten to twenty million a year ... but ... this is what's so striking ... you ... phrased it even as you shut it down this is calling you ... this is from four of ... its U ... told the Daily was actually a great ... success in most respects revenue aside ... there we have ... or an arresting the formulation by ... the end of the CEO Revenue aside ... column ... of the losses were irrelevant to the on going into weren't contribution the daily has made to News Corporation and to me as an executive ... Thompson said adding that the company ought to be ... engaging and more such experiments ... so ... so you ... really want your entire organization to understand ... that this company has to be experimental ... the euro to spend money ... they were trying things out in the twelve wickets ... said ... when ... we have this thing ... that he wanted to start up since the ... start of sensibility is to try something ... to do everything we can to make it work if after a period of ... striving ... is screwed this up and when he's in half to have the courage ... to say so this is not what we've learned a lot of good and everything on said ... trooper Barbara mines very true we've learned so much in doubt experience about ... about tablets are ... about ... to join migration ... and kind of tons of leadership to come with physical aggression ... if we hadn't done that Audi we wouldn't be in the position that we on now with that ... of the properties and are around the world but ... there will be things that we should try ... and and and and some of those things one word that ... it cheaply in the spirit the fuel can on its ... experiment in living within reason and ... pecan always be revenue was so ... but within reason ... and if you learning from the things that don't work because it is something where you you have learned something about ... your your column with a wooden sticks to what is it about that didn't quite work is as lower jaw and to do that as always you have ... a culture where ... other people in all pilloried ... up to try new things ... they knew we find her after a period ... of the E U cover a group of individuals who are highly motivated than all cleaned ... up but let alone from their experiences ... and of being a father to position ... than employees in other countries to tighten ... advantage the opportunities that we talk about the challenges that in ... a new design video if you're an experienced journalist ... and were sitting in Washington ... and not tell you Vardy said Tech is the center of the ... health of the central ... but you sound ... like a twenty five year old started executive ... who was on local ... are we just had a ... that ... saving journalism two quotations from Robert Thompson quotation one there is clearly ... a social role in ... for good journalist ... it's one here's the second ... there's a great tendency for journalists to be high and mighty ... that existed in the kind of splendid isolation they can self referential ... and self referential ... clothes quo ... what is the social worker was in ... NYC journalists tend to be on my ... well I think ... Dion barred the ego to which I think that that this that ... again it's it's true that there isn't a sense of sacred seven hundred sq with what you bought ... in pockets ... Robert Redford fold ... for having a trifle with the windows of the food ... made of wood know that ... the ... government involved with the Dong deal the sun in effect in April the sudden I didn't ... think it's a ... it's a prepares to I did something of a myth about losing ... a romantic myth ... ahh and then you have what monthly via Surges Erin proposition to ... weigh ... up journalists ... our batch I see injustice in the course of justice to be pushing ... um but ... but you know why it's often ... I'd ... like to suck as much about the journalist as it is about the unjust ... aam and that ... is an injustice Jones ... so how do you square that one runs because you really truly believe you really do believe when it comes down to it ... that journalism is in some way ... all say it is fundamental to ... oh the life of of of a healthy democracy you really believe the social role of ... journalists ... the sector ... he wanted to ... avoid the journalists should be feisty innovation in the ... yard the mission Beach ... the though of not going to collapse onto all of a play should imagine ... that this in a conference this idea was that I have ... Mr. could repeat the fuel ... you have to critique itself is but you could take society and I think ... chosen the doldrums by ... undergraduates who are ... in a Grove of buses humility but ... there aren't ... journalists to twelve ... sorry self regard ... I think I posted better ... not and that and I do think that with the self regard the self referential and self referential ... was an ... a function of the old days when certain newspapers were essentially local monopolies in the money was easy ... all piled into the two of its international standards ... in many respects but it but it has ... its ... left expire just ... be the relevance of ... some of them ... at a time when ... media is ... appalled that financial aid ... you know that I was going on right and ... what we have a ... bit of Woodward sitting on the BAGL we have a lot of unemployed ... a journalist with parking ... that story full ... he used to be the case the professional journalists and reporters and reporters managers gathered ... uncovered the news ... investigative journalism and covering the news ... and the masthead of the newspaper ... keep the news the afford to look for an incredible ... so the sauna Wall Street Journal ... it was true ... now Storyful ... has replaced reporters with crowdsourcing ... and to some extent is replaced editors with algorithms ... and so scanning Twitter and YouTube ... and and the verification comes from crowdsourcing not ... a masthead ... so ... I ... put it to you you will have major life is eternal is ... do we need journalists and ... what you store for still relies on journalists to top it correctly and there is a jealous as hell you've really been reassure me that there's a human element that has been of very very much and that's what makes him a that the blending of that because technology is awful ... the judgment ... is ... is is replaceable it is essential ... because their windows crowdsourcing become mass hysteria into it ... it's it's important to you for your arrival to defund and ... his acumen is divine and the defining all of ... us to our trust is present elected ... in basic instinct is a journalist visa powerful important those instincts ... renewed essential ingredient what Storyful ... can ... okay ... I can tell you how reassured and ... Robert Thompson CEO of the founder of your company ... Rupert Murdoch ... has a certain political outlook ... as to the editorial pages of some of his some of your ... newspapers ... ahh and his career has displayed a certain affection for ... the temple ... here is a columnist in the Guardian I knew Robert Thompson quote he's quiet ... almost introverted ... Finn and thoughtful he takes time sometimes a lot of time to make of his mind ... he's known right winger to the irascible manner for ... which means frankly ... that he's an unlikely choice to Superintendent Rohm busters ... tablets ... and to score ... what is the garden ... what was done to stop ... I ... you ... get here in Ohio and ... well I'm seeing the somewhat fitting that that that is the cure with Intel ... the magnitude of that ... the group them to me it's ... around the company ... as you know ... are um um it said the group that is the small caricature than character ... this is the ... a very diverse company that you look across the range of things that ... you can buy some folks group and and an abuse ... of high-end son ... so why is that people junk these conclusions about personality types and with a core inflation ... tells you he tells you more about pre conception ... you were a foreign correspondent ... for the financial Times ... if I'm recalling this correctly Robert Kirkman was of ... five years in ... Japan in four years in ... China ... roughly let's ... all right ... and then you were the editor of the financial Times here in Washington you are the American voters that noticing ... that so I was ... off to Japan to come before news of the financial Times London brightening the better for the weekend ... it's long been an in kind here then came here ... to New York Sun ... revealed ... establish the financial times in the U ... N and under your leadership as the editor in New York the American readership ... triple ... ok ... that is ... a description of the newspaper man's career ... you are now an executive as we have just been some twenty minutes displaying ... you were talking about algorithms and ... CPM is and and ... all the new ... digital world ... you also just completed a couple weeks ago I called the pure second ... earnings call you have to talk to analysts about this or that aspect will finance it affect the financial results of the company over the coming quarter the last ... really be CEO ... at the end of this company but it's ... the diversity we've been discussing ... this such an eclectic ... experience in the study here are discovering new things that have busted for commercial purposes but for all ... thus the heart of ... his call for action ... soon Clover ... Wyoming ... the middle of ... the Korean and Dublin but that they did did ... the distinction between the three R's Spezza Fed must among AWB's a business journalist critiquing companies ... I ends up ... having to take them ... under the responsibility of a privacy ... and ... it will be ... I've learned from the mistakes and also the successes of ... other companies ... have a rally a great ... group of people and ten that executives from Mari HarperCollins ... and Mike Dosti and ... in the sky ... where ... are we we ... we have attained that the incidence of disease the visa very able individuals and plan on learning a lot from them ... as on in theoretically I was saying ... last couple questions or because you know the company ... a few weeks ago as I mentioned ouster of quarterly earnings ... here's the headline from Bloomberg Businessweek quote news core shares jump ... after earnings beat analysts' estimates ... congratulations ... but ... here's ... here's a couple of sentences in ... digital real estate services for the fastest growing major division book publishing revenue increased ... news publishing revenue which still accounts for more than seventy percent of the company's total sales ... decline ... clothes quo ... so what's the plan you're you ... you've got this ... real estate company in Australia ... you bet ... his muse going to remain a news organization ... news that the heart of me is that we've been real estate ... it initially classified three newspapers is very close relationship between REI announced in ... the sky the ... sun that these of these in all eccentric ... investments by Neiman's and as a complement are the in in in the conduct of what they do ... but it's ... all ... we are in the midst of transition is going to take ... a ... sentiment on gf ... of the four ... papers that we are what make is truly become couple weeks ... and that evolution will be ... a different for different papers in different cities and that's one of the lessons that ... is that there's not a region template ... for this successful transition to ease a ... bit depends on ... what type of newspaper that the pens wearing the spectrum ... it spends with what else is happening in the not too courses on the weather ... whether feed ... her thinking what's the starter will call London England ... and to be ... to be cautious of the two competitors said the bulls are ... cautious that ... that that ... technological developments cracking opportunity and that's the least we see this threat and that in ... all beastly is an element of threat and can make the wrong decision ... but it is much more opportunity for because the potential of helpful people ... of the potential probe ... forty and expectation to turn ... around for example private Ryan I difficult and if I cut the cord to one topic on and let it ... as things continue to fall that we freeze in front of the evolution ... and what we're seeing is a very incomplete picture so that is ... his discussion appointed hadn't occurred to me for the button when asked in an investor but that business schools call span of control ... I think for example of Ford Motor Company is a creepy complicated company ... but I don't know how many models for produces maybe the cars across a couple of dozen different factories ... what a fun accent ... you just said that is going to be different newspaper buying newspaper play newspaper ... in this company owns ... dozens and dozens of newspapers will own ... the book publishing them alone the real estate ... Cup ... the EU is CEO ... how do you ... just how do you insert a span of control over all ... the sweet great people who took the picture to reduce ... the Macan among local maturity and an incident that to ... be looking at how other elements of ... the society into the wearable ... with real red CS and ... the people wearing ... a few things that I was thinking of ... fashion full comfort stalled for substance ... I'm the guy with what they say DVD this knowledge will substantially reduce the Jawbone faction you know to read an early start to ... the tothe minded ... people with big ugly big ugly objects that are actually all that is less of that and and and the monument to a lack of self discipline ... photo by it ... um you know it it's that ... senses makes a standard rock and regain his senses and ... good for health reasons and us two reasons unit that a good are they going to fall most awful ... other than that none of that is ... that's exciting to watch I think we have to bring the science of excitement that we ... see it's the it's ... to the world of punk ... last question Robert Thompson again this is an interview ... you get a few years ago called then present definitely not ... dead ... does it at its absolute intensity in the relationship between a reader a newspaper ... given the web surfing ad skipping channel changing consciousness itself to the idea spending thirty minutes ... with the medium ... with which the only multi tasking you're doing is drinking a cup of coffee as you read your morning newspaper ... still makes newspapers uni ... you have two young kids when they're your age ... will they be reading newspapers of the I before the open is ... its top sports but that's fun and ... are under twelve euro a newspaper is now reading on was leaving to log the deal's son picks up ... you know that winter ... weather my household is represented ... likely to sell ... them ... lineup if a comparison ... that that that there is an intensity to the news crew actions that just isn't you know when you're reading a newspaper that the ... peripheral distractions are indeed peripheral and any and all the District ... of the creature Farkas and ... then ... we'll all news for its ... half to ... be more articulate more convincing about what is a real relationship ... that ... very intense relationship between a reader of a news conference in Auckland because it's ... good there is Digital disruption ... it's different and what can we get back to intensity and intensity is ... part of affinity ... and the affinity that people have the paper this ... is something of that passion about and when you talk to people about it and it's not just all the boys usually when one of things we know this when we ... credit the ... Wall Street Journal ... I was talking to Steve Dalton to the power to them ... and doesn't think the some people and ... Apple he wanted to be a scrolled and roughness go across extensively we argued back with was in and get in the end ... of that we're in a greased agreement because we wanted to read ... the newspaper expects ... to what we've discovered is that ... some young people who started with the will Street Journal op ed ... I've progressed in use this because it's a progression from up ... and that experience which is nice and polite to the news so that the familiarity ... of a notice which would never a full vehicle ... Robert Thompson chief executive officer of News Corps ... thank you ... thank you ... for the Hoover institution and the Wall Street Journal on Peter Robinson ... the the the the the ... I ... I ...